Macy's opens a new department store at Southridge Mall in March, a move that will draw more shoppers and help Southridge better compete with other Milwaukee-area malls.

The benefits of a revived Southridge, including other new stores, will spread beyond the mall and throughout the neighboring S. 76th St. shopping area, say commercial real estate brokers and local officials.

"It gives a boost to the whole area," said Peter Glaser, a broker and first vice president at C.B. Richard Ellis Inc.'s Wisconsin office.

One winner: Southridge Plaza, a strip center at 5465 S. 76th St., Greendale, just across the street from Southridge Mall.

Lane Bryant is operated by Charming Shoppes Inc. of Bensalem, Pa., which didn't respond to a request for information about the move.

The company's real estate strategy involves moving its stores from malls to "higher-performing strip center locations, where customer convenience is greater, sales are higher and costs are lower," Charming Shoppes Chief Executive Officer Anthony Romano said during a December conference call to discuss third-quarter financial results.

Another vacancy is being filled at the former Circuit City/Ultimate Electronics store, 4585 S. 76th St., Greenfield.

Indianapolis-based consumer electronics and appliance retailer hhgregg Inc. plans to open a 40,000-square-foot store there this spring, said Chuck Erickson, Greenfield planning director.

Company executives consider S. 76th St. to be "a great retail area," said hhgregg spokeswoman Kim Paone.

The area has another large vacancy at Spring Mall, 4200 S. 76th St., where an 85,000-square-foot former Pick 'n Save was left empty after Roundy's Supermarkets Inc. built a Pick 'n Save across the street last summer.

Eagerly awaiting Macy's

The new Macy's and other improvements at Southridge Mall will help efforts by brokers and Spring Mall's owner, New York-based Brixmor Property Group Inc., to "bring the mall back to life," said Gary Stein, executive vice president of C.B. Richard Ellis Inc.'s Wisconsin office.

Macy's, set to open March 14, will use 150,000 square feet at the mall's south end, taking part of the former Younkers store that was later divided among some smaller tenants. That space was left vacant after those replacement stores closed.

Also, Bon-Ton Stores Inc. is remodeling its Boston Store at Southridge. That work will be done by August, said Mary Mokwa, mall manager.

Meanwhile, Southridge owner Simon Property Group Inc. is redesigning the 1.2 million-square-foot mall's common areas and food court, with improved ceilings, finishes and lighting; renovating the mall's entrances, and adding new tile flooring throughout Southridge, Mokwa said. That work will be done by the end of June.

The entire project is costing $52.5 million. The Village of Greendale is spending $15.85 million, including $10 million provided to Indianapolis-based Simon and $5 million in interest expense for borrowing the money.

All the village's costs will be repaid within an estimated 15 years by property taxes on Southridge's improved portions. Once that debt is paid off, the property taxes from the improvements will flow to the village, its school district and other local governments.

In addition, the village is spending $3.2 million to help pay for the $10 million Boston Store remodeling. Those funds will be repaid by 2025.

New tenants arriving

Since the renovations and addition of Macy's were announced last May, Southridge has added H&M, a 16,000-square-foot clothing store. More new tenants are coming.

"The real exciting stuff is yet to be announced," Mokwa said.

Some of those new stores and restaurants will come to buildings on the edge of the mall's parking lot.

That includes the site of the former Leath Furniture store, 5220 S. 76th St. That two-story building will be torn down and replaced by two restaurants, Longhorn Steakhouse and Panda Express, according to one source.

Meanwhile, brokers are seeking tenants for the 23,700-square-foot former Borders book store, 5250 S. 76th St., and the 16,200-square-foot former Bally Total Fitness, 5474 S. 76th St.

There are other new developments near the mall, including a 92,400-square-foot Walmart supermarket and discount store that will replace the former U.S. Bowling Congress headquarters, 5301 S. 76th St. That empty building is being prepared for demolition, and a new $10 million Walmart should be under construction by April, said company spokeswoman Lisa Nelson.

The Walmart, especially its supermarket, will be a benefit to the surrounding retail area, said David Livingston, a Waukesha supermarket site selection consultant.

"Other businesses will use the Walmart as muscle to draw traffic to this area," said Livingston, who operates DJL Research.

Also, a 90-unit senior apartment development, Berkshire-Greendale, is opening by late March next to the mall's southern parking lot, in the 7000 block of W. Grange Ave.

Those apartments will be close to fully occupied by the time they open, said Sig Strautmanis, of Fox Point-based General Capital Group, which is developing Berkshire.